Reference no: EM132375278

Assignment: Purpose: This assignment aims to enhance students' research and analytical ability through the application of their economic knowledge in the unit to compose a report.

Detailed requirements of the assignment

Organize yourselves into groups of 4 or 5 students and give your group details to your lecturer(s) no later than Week 6 (for Normal Mode) or Week 4 (For Block Mode 1) and Week 8 (for Block Mode 2). Late submission of group member list can result in your being unable to submit the group assignment and awarded a mark of zero for the group assignment.

Find a recent news article discussing a change in market condition(s) of an industry in 2018-2019, for example an observed change in market supply of a good/service or a change in consumers' taste and preferences for a good/service. The industry must be ONE of the following in Australia:

• Agriculture production

• Property market

• Mining industry

Using theories of economics, such as the demand and supply model and determinants of demand and supply, explain the impacts of changing market conditions on the price and quantity of goods or services traded. Support your analysis with market data.

The assignment must, as a minimum, include:

• an introduction;

• a description of the relevant market including the product or service, degree of competitiveness, and market structure that characterises the market for that product or service;

• an analysis (including appropriate diagrams) of how changing market condition(s) are influencing, or have influenced, or may influence price and quantity, and

• a conclusion.

The news article you collect must be attached to your assignment.